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Boomer Reality Check

If you are an aging baby boomer approaching retirement age, you need to consider a host of issues. Many baby boomers are entirely unprepared for the reality of retired life, while others have put aside thinking about some key issues. Here are some facts about retirement that you might want to consider, especially if you are having a hard time accepting the fact that you’re getting older.

Income

While it’s easy to think about retirement in terms of relaxing and enjoying your days because you no longer have to work, it also means that you aren’t going to have anywhere near the income you did before. The median income for retired people in 2011 was $27,700, with most of seniors receiving their retirement income through Social Security. Also, almost 9% of elderly people lived below the poverty level in 2011.

Work

An increasingly large portion of the American workforce is comprised of senior citizens. The Bureau of Labor Statistics reports that in 2012 about 18.5% of people age 65 and older remained in the workforce. As many boomers reach the typical retirement age and find they don’t have enough saved, this percentage continues to grow.

Medicare

About 93% of senior citizens had Medicare coverage in 2011. Another 86% of retirees have supplemental coverage to address those medical and health-related expenses not covered by Medicare.

Lifespans

People are living longer, and women tend to live longer than men. Living into your 80s or 90s isn’t a rarity anymore: it’s becoming increasingly likely.

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